Tri-colour hoisted at Minerva project
To commemorate the 74th Republic Day, skyscraper, Minerva, located at Mahalaxmi, hoisted the tri-colour at the top of the tower. Parikshit Pawar, Chief Marketing Officer, Shapoorji Pallonji Real Estate (SPRE), said, “Hoisting the national flag is a proud moment for us. We are delighted to display our national flag hoisted by our labourers as a tribute to their contribution to this masterpiece." Ali Lokhandwala, MD, Lokhandwala Kataria Construction Pvt. Ltd. (LKCPL), said, “Hoisting the national flag on the top of this landmark gives us immense pleasure. Minerva is changing the skyline of Mumbai like never before. We have given special attention to the construction technologies and safety of the building along with environmental sustainability and efficiency.” Minerva overlooks the Mahalakshmi Racecourse and the Arabian Sea. Designed by architect Hafeez Contractor, the Vantage series includes 4 BHK apartments starting from the 54th floor upwards. The project consists of 372 apartments.
Mumbai leasing to rise in 2023: Savills India
As the return of employees to workplaces continues, Mumbai is expected to maintain a steady momentum in 2023, similar to 2022. According to the latest report by Savills India, it is estimated that 2023 will see around 7.0 million square feet of Grade-A gross absorption. The BFSI segment and technology occupiers are expected to be key drivers of office leasing demand in 2023. Flexible workspace segment is likely to sustain similar levels of leasing momentum. Significant new supply of 6.2 million sq. ft. is scheduled to be completed during 2023. This planned supply will likely be concentrated in the micro-markets of Central Mumbai (35%), Thane (32%) and Eastern Suburbs (27%).
NoBroker presents annual Real Estate Report
NoBroker’s annual Real Estate Report states that perhaps the most defining trend of 2022 was the post-pandemic pent-up demand. 67% of potential buyers said that pandemic-induced insecurity positively impacted their home purchase decisions. Migrant professionals also returning to work from offices in key cities resulted in high demand for rental properties. But due to COVID-19, construction activity came to a halt resulting in less supply of housing units. This resulted in major cities registering rent inflation between 12% — 40%. Rents will stabilize in a couple of months as construction activity and new project launches catch up with the current demand. The homebuying outlook for 2023 also remains positive, with 77% of respondents indicating they are looking to buy a house next year. Saurabh Garg, Co-founder & CBO – NoBroker.com, said, “Indian real estate, in 2022, has been an exciting space to watch. Buoyed by favourable tailwinds, the sector overcame the inertia of the past several year’s inertia to achieve record growth. 2022 saw record-high capital appreciation and rent inflation. The momentum is expected to continue well into 2023 as ready-to-move-in residential units, rental properties in gated societies, and plotted developments are very much in demand.”
Shopping malls to increase in 2023: JLL
In 2023 mall supply of around 10 million sq. ft is expected to get operational with 25 new malls entering the market across the top seven cities of India including Mumbai and Pune. “With improving resilience, there has been an emergence of newer formats by retailers. There has been a churning of brands and categories in existing shopping malls to help keep up with changing customer demands and accommodate newer global businesses. Nearly 60 shopping malls encompassing a total retail space of 23.25 million sq. ft are expected to become operational during 2023-25 across the top seven cities of India.” said Rahul Arora, Head Office Leasing Advisory and Retail (India), JLL.
Technology to drive real estate growth in 2023
Kamal Khetan, Chairman & Managing Director, Sunteck Realty Ltd., has pointed out that real estate’s fundamental concept has changed, expanding beyond the four walls to provide the end user with a complete 360-degree experience. “Technology has enabled the real estate industry to reach its full potential by encouraging the use of digitalization and technological tools like artificial intelligence (AI), augmented reality (AR), virtual reality (VR), big data, and analytics. On the horizon of the sector are automated homes employing the Internet of Things (IoT), AI, and other technological advances. The digital technology revolution also offers tremendous opportunity to the sector to reach new heights,” he said.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)